60037 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance

60037 (2024). Hon Dr Duncan Webb to the Associate Minister of Finance: Is land insured for its market value by the Natural Hazards Commission; if the value of the land (in its undamaged state) falls between the date of the event and the settlement of the claim which value is used?

Hon David Seymour: Cover is paid on either the cost to repair the land or market value, whichever is the lesser amount. The land cover cap has several requirements for its calculation. I am advised that one of those requirements is for the valuation to reflect the market value immediately before the natural hazard damage occurred. I am advised that valuation at a later date can be used, if because of circumstances relating to the cause of the damage, the claim cannot be settled promptly.